Aussie market is poised to open lower later this morning after falls on US markets overnight, as traders brace for a US interest-rate rise and fret about weak Chinese trade data.
The December SPI futures contract is down 62 points, at 5055.
In local economic news today, the National Australia Bank’s monthly business survey for October is due out, as is the Australian Bureau of Statistics’ housing finance data for September.
The Mining Safety Conference starts in Perth.
In the equities space, Incitec Pivot is expected to post results while Asciano has its annual general meeting but an expected vote on Brookfield Infrastructure’s takeover offer has been postponed. Bendigo and Adelaide Bank, Macquarie Radio Network, SurfStitch, Bradken, Prime Media and Shoply also have their annual general meetings.
– SPI futures down 62 pts at 5055
– AUD at 70.48 US cents, 86.98 Japanese yen, 65.52 Euro cents and 46.63 British pence
– On Wall St, late afternoon, Dow is -1%, the S&P 500 -1.2%, Nasdaq -1.3%
– In Europe, Stoxx 50 -1.4%, FTSE -0.9%, CAC -1.5%, DAX -1.6%
– In London, BHP -2.3%, Rio +0.4%
– Spot gold up 79 US cents at $US1090.59/ounce
– Brent crude down 20 US cents or 0.4% at $US47.22/barrel
– Iron ore flat at $US48.24/tonne
What’s on today:
NAB business survey, housing finance
China consumer inflation (Oct), Japan current account balance (Sept), French industrial production (Sept), US small business optimism (Oct), US import prices (Oct), US wholesale inventories (Sept), The International Energy Agency publishes its annual World Energy Outlook.
Earnings: DR Horton, Vodafone Group, Sumitomo Metal Mining, Mitsubishi Materials, Vivendi, OzForex.
Stocks in focus:
Credit Suisse looks at News Corp after the release of the first quarter 2016 result. “We trim our target price to $23.40, from $24 previously, on lower forecast earnings. The stock has had a solid run and we see scope for further near-term upside as becoming more limited. We move to ‘neutral’, from ‘outperform’, as a result.
Iluka Resources is a “buy” at UBS with a 12-month price target at $8.50 a share. UBS says there are indications that price pressure in the titanium market is starting to ease, supported by improved demand in North America and China. “Our forecasts assume improved sales volume in 2015 relative to 2014 and again in 2016. We have flat price forecasts for zircon and titanium feedstock until mid-2016 before recovery in H2 16.”